(1) The board may make a CTMH loan to meet the basic housing needs of low-income or moderate-income households and for the following purposes:

(a) development of multifamily rental housing projects;

(b) acquisition and/or rehabilitation of existing multifamily rental housing projects for the purpose of preservation of or conversion to housing for low-income or moderate-income households; or

(c) acquisition of land for multifamily rental housing projects including land trusts and for mobile or manufactured homes.

(2) Property funded with a CTMH is subject to property taxes.